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TheStreet Open House

Repligen Reports Preliminary Financial Results For The Quarter And Nine-Month Fiscal Period Ended December 31, 2011

Stocks in this article: RGEN

Repligen Corporation (NASDAQ:RGEN) today reported preliminary financial results for the quarter and nine-month fiscal period ended December 31, 2011. These results reflect significant accomplishments of the Company during the period, highlighted by the completion of our acquisition of Novozymes Biopharma Sweden AB on December 20, 2011 and the successful filing of the Company’s first new drug application (NDA) for SecreFlo™ on December 21, 2011. These preliminary results include estimates of the results of operations from December 21- December 31, 2011 for our new subsidiary Repligen Sweden AB (previously Novozymes Biopharma Sweden AB), but exclude any purchase accounting adjustments associated with the acquisition. The Company was able to acquire the net assets of Novozymes Biopharma Sweden AB at a purchase price significantly below the fair market value of the acquired net assets, thus the Company anticipates recording a gain on bargain purchase once purchase accounting is completed.

Total revenue for the quarter ended December 31, 2011 is expected to be approximately $7.2 million compared to total revenue of $7.1 million for the quarter ended December 31, 2010. Bioprocessing product revenue for the quarter ended December 31, 2011 is anticipated to be $3.1 million, the same as bioprocessing revenue for the quarter ended December 31, 2010. Royalty and research revenue for the quarter ended December 31, 2011 is expected to be approximately $4.1 million compared to $3.9 million for the quarter ended December 31, 2010. Repligen Sweden AB did not record material revenues during the post-acquisition period as the transaction closed just prior to year end.

Operating expenses for the quarter ended December 31, 2011 are expected to be in the range of $9.2 to $9.7 million compared to operating expenses of $6.8 million for the quarter ended December 31, 2010. Net loss for the quarter ended December 31, 2011, before accounting for any potential gain on acquisition, is expected to be in the range of $2.0 to $2.5 million, compared to net income of $376,000 for the quarter ended December 31, 2010.

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